wndysrf Posted May 16, 2003 Report Share Posted May 16, 2003 Snow to Urge G7 to Step Up Growth Friday May 16, 11:09 am ET DEAUVILLE, France (Reuters) - U.S. Treasury Secretary John Snow said on Friday he wanted to press fellow finance ministers from leading industrial nations to step up the pace of economic growth to deal with a soft global recovery. Mark?s Translation: Snow warned all finance ministers that effective immediately, the foot must be put on the gas to use unconventional measures to ?prop up? the stock market. Since the Stock Market is the Economy, no global recovery can take place without re-igniting the BubbleMania. "While we are taking steps in United States to try to create more growth, recognizing our growth rate of 1.6 percent for the first quarter isn't adequate, we also want to talk to our friends about the fact that their growth rates are not adequate," Snow told reporters ahead of a weekend meeting of Group of Seven finance chiefs. The United States and Japan have been the only participants in market propping operations. We need the rest of you guys in the G7 to join in. In particular, the EuroLand participants need to get the refi and spend machine going so the U.S. Consumer doesn?t have the weight of the entire Speculative Sphere riding on his back. Snow arrived in Deauville on Friday and was scheduled to participate in a day-long session on Saturday with fellow finance ministers from Britain, Canada, France, Italy, Germany and Japan. He said the G7 faced "a serious issue" of weak growth that potentially imperils the global economy. He said the Global Speculative Sphere is on the edge of a Financial Meltdown due to Robot Malfunctions. This Serious Issue will imperil the Paper Pyramid unless more recruits are found to keep the Chain Letter of Promise Tickets from collapsing. Russia's finance minister will also attend part of the sessions on Saturday, making part of the meeting a G8 event. Snow said that, while he did not intend to say what other countries should do specifically to spur their economies, he felt that all the participants had to come to grips with the need for action. "The issue has gotten so serious when you look at growth rates of the world economy that it's time we get a little more pointed in trying to find a consensus to go forward," Snow said. Goon Squads need to be assembled to round up the Russian and EuroLand consumers and force feed them with CapitalOne credit cards, New Century mortgages, and Household International wheel and tire financings. The Structured Finance Monster has grown exceedingly fat, and needs huge amounts of new credits to keep the Spread Trade going. Otherwise, the 100 to 1 leveraged Bermuda HedgeFunds will stumble and the Atomic Particle Accelerator will suddenly reverse as aggressive speculative accumulation turns into panicked forced liquidation. Asked what he would say if other G7 countries point to huge U.S. trade deficits as part of the problem, Snow said he would respond that stronger growth in the rest of the world would be very helpful for the United States in lowering its current account deficit. Snow said he expected there would be general agreement at the meeting that the global economy's performance was well below its potential in most parts of the world. "This is a serious issue," he said. "The slow growth rate of the world's largest economies is a damper on the prospects for the world because it means there's less jobs, less growth, less wealth available." Earlier this week, Snow said in an interview with Reuters that currency intervention -- government manipulation of currency values -- was not an effective economic tool for Japan or Europe. He said all of the G7 countries have issues that they could deal with to try to make their markets more open and to scrap structural rigidities that currently choke rates of growth. "I hope to engage in serious dialogue... on how to get more growth into the world economy, recognizing that what works in one place isn't precisely what works in another place," he said. French Finance Minister Francis Mer, who will host the meeting in Deauville, said in a newspaper article that reforms to boost growth would be the main focus of the talks. "Structural reforms designed to foster stronger, sustainable growth will be the main focus of our discussions in Deauville," Mer wrote in the Financial Times newspaper. "I expect each of us to reaffirm our commitment to reform." The Keynesian Model cannot be proved to be an abject failure. It must be "reaffirmed". All forces must be mustered together in order to build up enough firepower for the Participants to be able to muscle The Market. The primary goal of this weekend?s G7 meeting is to discuss Unconventional Tactics to prove to the outside world that Governments are in fact bigger than the Market, and no amount of gold buying or dollar selling can circumvent The Matrix?s attempt to prevent another recession. ????????. The 27-year old MIT Math Wiz Kids continue to be shell shocked. So far, the Black Holes models are not functioning. They have been Snow Circuited. Once ?The Fix? was announced, all HedgeHogs loaded up on their Bank of America Prime Brokerage Credit Lines and lined up for the usual Home Run War Rally Trade: Long Stocks Short Bonds Long Dollar Short Gold Long GDP, Employment, Housing Start, PPI Inflation Futures Short Oil, Natural Gas So far, only one trade is working. The other 5 are spiraling out of control. Is it any wonder that huge bids are coming into the junk stocks in an effort to ?catch up? from the other losses? We?ll have to wait and see where it ends. .............................. Roger Arnold was on 3 hours every day this week. He was subbing for Tom O'Brien during "The Opening Growl", and had some fantastic interviews during the first two hours each day. For those who missed this segment: Go to tfnn.com, then to radio shows, then to archived shows, then to Opening Growl during the month of May. This afternoon, tfnn.com was down for maintenance, so I was unable to post a link. Link to comment Share on other sites More sharing options...
strikerm3 Posted May 16, 2003 Report Share Posted May 16, 2003 check out BEAS,SUNW,OPWV and BRCM pegged after hours Link to comment Share on other sites More sharing options...
wndysrf Posted May 16, 2003 Author Report Share Posted May 16, 2003 Damage Control Continues: Fed's Ferguson: Deflation risk 'quite remote' by Rachel Koning Federal Reserve Vice Chair Roger Ferguson tried Friday to ease deflation jitters that have been a theme in financial markets since the central bank's May 6 policy statement. In it members said they saw increased risks of undesirable price declines. In a business school commencement speech at Washington University in St. Louis, Ferguson said the possibility of deflation "remains quite remote." Both CPI and PPI data this week showed core prices remain held in check. "The United States has too many good things going for it to make a forecast for deflation credible," he said, listing aggressive stimulus to date, falling oil prices, improved household and corporate balance sheets and "well anchored" inflation expectations. Mark's Translation: The possibility of debt masquerading as money, disappearing into thin air "remains quite remote". The United States has an insatiable desire for MTV Spring Break Sex, Consumption, Borrowing, Binging, Abusing, and Keeping Up With The Joneses. Therefore, it is IMPOSSIBLE for the U.S. Consumer to slow down, postpone, or defer his cravings. More aggressive nudity, swinging hip lifestyles, partner swapping, cool clothes, and all the rest of the "stimulation" is unlikely to lead the consumer to retrenchment. Link to comment Share on other sites More sharing options...
strikerm3 Posted May 16, 2003 Report Share Posted May 16, 2003 check out BEAS,SUNW,OPWV and BRCM pegged after hours look at that volume on the close! those orders were certainly to the ask Link to comment Share on other sites More sharing options...
anjing bau Posted May 16, 2003 Report Share Posted May 16, 2003 askj ...................yikes........ Link to comment Share on other sites More sharing options...
anjing bau Posted May 16, 2003 Report Share Posted May 16, 2003 short candidate.......... Link to comment Share on other sites More sharing options...
PileDriver Posted May 16, 2003 Report Share Posted May 16, 2003 Buck down over a buck... Prop-o-rama continues Link to comment Share on other sites More sharing options...
anjing bau Posted May 16, 2003 Report Share Posted May 16, 2003 Buck down over a buck... Prop-o-rama continues that soft dollar policy will drvie the economic recovery..............exporters are dancing in the streets Link to comment Share on other sites More sharing options...
anjing bau Posted May 16, 2003 Report Share Posted May 16, 2003 we need to start somewhere.............. need the ma's to get taken out with volume.... Link to comment Share on other sites More sharing options...
DrStool Posted May 16, 2003 Report Share Posted May 16, 2003 Turdsday's Stooltrading text transcript for those who missed it. Today's transcript will be posted around 12:00 on Monday. Anals subscribers, get a head start! Feedometer Analysis is now posted in the Talking Stool. Stay tuned to your Weakend Anals and... Lurkers, get instant access. 63 issues, just $19.29! Link to comment Share on other sites More sharing options...
wndysrf Posted May 16, 2003 Author Report Share Posted May 16, 2003 NYSE % Record High pinned again at .99 13 trading days in a row at .97 or better. Nasdaq % record backed off a hair to .95, the lowest reading of the week. Sentiment Link to comment Share on other sites More sharing options...
Pee Brain Posted May 16, 2003 Report Share Posted May 16, 2003 Damage Control Continues: Fed's Ferguson: Deflation risk 'quite remote' by Rachel Koning "The United States has too many good things going for it to make a forecast for deflation credible," he said, listing aggressive stimulus to date, falling oil prices, improved household and corporate balance sheets and "well anchored" inflation expectations. Mark's Translation: other than stoolville, i doubt many hopuseholds are boasting stronger balance sheets.... eating through home equity faster than the house is appreciating is not improving the balance sheets of ma and pa sheeple. when the tide ebbs, the debt will remain as the equity evaporates. Link to comment Share on other sites More sharing options...
Madame Wrecked Him Posted May 16, 2003 Report Share Posted May 16, 2003 There was a time when GE moved the market. Not so anymore, it seems: Link to comment Share on other sites More sharing options...
Tig 'Ol Bitties Posted May 16, 2003 Report Share Posted May 16, 2003 Sector to watch.... Link to comment Share on other sites More sharing options...
wndysrf Posted May 16, 2003 Author Report Share Posted May 16, 2003 Tig: I'm still waiting for a pullback on the OSX. Check out the monthly chart, and you will see that a massive wedge has been broken to the upside. Definitely a buy signal. Someone knows that the SUV Public is about to get a rude awakening. The entire market can roll over, but this sector will buck the trend like the health care sector did during the 2000-2001 crash. Link to comment Share on other sites More sharing options...
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